| 1774. | The first grant | £250,000 | 0 | 0 |
|---|---|---|---|---|
| For extraordinary charges of the Mint | 22,824 | 19 | 0 | |
| 1776. | Further grant | 92,421 | 14 | 1 1 ⁄ 4 |
| 1778. | Further grant | 105,227 | 8 | 3 |
| £517,320 | 2 | 2 1 ⁄ 4 |
The scope of this series of Acts of 1774 will be seen at a glance; as well as the tendency in policy, namely, in favour of gold, which it indicated. The gold coinage was renewed, and as a safeguard against its future depreciation the existing depreciated coin was cut off from any sapping action upon it by the above restriction as to tender by weight. For the renewal of the silver coinage itself no actual measures were taken save the prohibition of the import of light coins.
For more than twenty years the defective state of the silver coin continued quite unheeded; evidently as no longer causing international embarrassment, now that its function and differentiating action upon the companion metal had been partially tied down and limited.
In 1787 the depreciation of the silver coinage was ascertained experimentally, when it was found that half-crowns were defective by over 9 per cent., shillings by over 24 per cent., and sixpences by more than 38 per cent. of their proper weight. Page 238 To this depreciation was added an exterior cause of drain by the action of France, who in 1792 increased the scarcity of silver coins and bullion by the issue of her assignats. In that year not less than 2,909,000 oz. of silver were purchased with assignats and sent into France. Five years later an attempt was made to supply the deficiency of the silver coins by the issue of Spanish dollars, countermarked with the hall mark of the King's head. This was after the Bank of England had, in accordance